The daily business briefing: July 12, 2018

Papa John's founder resigns as chairman after admitting use of N-word, Comcast raises its bid for Sky to top Fox's offer, and more

Papa John's pizza boxes
(Image credit: Joe Raedle/Getty Images)

1. Papa John's founder resigns as chairman over N-word use

Papa John's founder and former CEO John Schnatter resigned as chairman of the pizza chain's board on Wednesday after admitting to using a racial slur during a May conference call. Before stepping down, Schnatter acknowledged and apologized for using the N-word in a call with Laundry Service, a marketing agency he hired to bolster his image after a backlash over his criticism of National Football League protests. Forbes reported that Schnatter had noted during the call that KFC never faced fallout even though "Colonel Sanders called blacks n-----s." News of Schnatter's resignation broke shortly after Major League Baseball reportedly suspended its Papa Slam promotion. Shares of Papa John's fell by as much as 5.9 percent to a one-year low on Wednesday.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.